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In 2001, retailer Joe Field was writing columns for an industry magazine, and saw how successful feature films based on comic book franchises were providing the comic book industry with a positive cultural and financial turnaround from the speculator bust of the late 1990s,[1] Field proposed Free Comic Book Day in one of his columns, and received positive reaction to it. Then-Image Comics publisher Jim Valentino suggested having the first Free Comic Book Day on the same weekend as the opening of the 2002 Spider-Man feature film, in order to take advantage of the film's heavy promotion and related press about the comic book medium,[2][3] and thus the first event was held May 4, 2002, one day after the film's opening.[2][4] However, not all events have corresponded with the release of a film based on a comic book.[5] In 2004 it was held in July,[6] but it was moved back to the first Saturday in May the following year[7] and has been held on that day ever since.[8] On Free Comic Book Day, participating comic book store retailers give away specially printed copies of free comic books, and some offer cheaper back issues and other items to anyone who visits their establishments.[9] However, retailers do not receive the issues for free; they pay 12–50 cents per copy for the comics they give away during the event.[10][11] In addition to comic books, some stores also give away other merchandise, such as mini posters and other movie tie-in memorabilia.[12]

Publishers produce special edition comics geared to attracting new non-comic readers. There is a wide diversity of comics available, from traditional comics fare like Archie and Disney, super-heroes from Marvel and DC, manga from Tokyopop, as well as work from independent publishers.

In its first six years, more than 2000 retailers in more than 30 countries gave away more than 12 million Free Comic Book Day special edition comic books. The success of the promotion rests with each participating retailer. Most participants agree that Free Comic Book Day has been part of a healthier comics market and growing comic book sales over the last several years.[22][23] Free Comic Book Day has also garnered press coverage in the news media.[24][25] In 2014 the free publicity for the Free Comic Book Day event, and the comic book industry, from Facebook, Twitter, over 1000 television news stations, and over 4000 online news outlets was estimated at $3.4 million.[26] In 2015 the number of shops participating in Free Comic Book Day increased 8% over how many participated in 2014 and the number of comic books ordered increased by 21%.[19]

In some communities, the day is more grandly organized such as in London, Ontario, Canada where most of its major comic book retailers, such as Heroes Comics, as well as the London Public Library's Central branch participate. On that day, these establishments cooperate in a major cross-promotion in which visitors are invited to collect stamps of each participating establishment for entry in a prize draw upon completion as well as various other activities. The 2013 event collected over 2000 such completed ballots, which does not account for more casual visitors.[27]

In conjunction with Free Comic Book Day on May 6, 2006, TwoMorrows Publishing hosted a promotional Free Magazine Day. Visitors to their website were able to order any in-stock issue of their magazines Back Issue, Alter Ego, Draw!, or Write Now! for free.

Germany, Austria, and Switzerland launched their own day for free comic books, Gratis Comic Tag, on May 8, 2010.[4][29][30]

The Netherlands and Flanders (the Dutch-speaking part of Belgium) began their own Free Comic Book Day on May 5, 2012.[30][31]

In 2012, Diamond Distributors created the annual Halloween ComicFest. Similar to Free Comic Book Day, Halloween ComicFest features free books, but with Halloween themes. It takes place on the Saturday and Sunday near Halloween. For 2013, the event took place on October 26 and 27.[32]